Skip to content
BOL Conferences
Thread Options
#1960685 - 09/10/14 02:04 PM Apple Pay
jonus Offline
New Poster
jonus
Joined: Aug 2013
Posts: 24
I posted this under the Deposit & Payments forum, but it seems to also fit under Technology.

So, I'm assuming everyone has now heard Apple's announcement yesterday that the iPhone 6 will have Apple Pay. If not, go here to read about it: http://www.apple.com/apple-pay/

Using smart phones that had near-field communication (NFC) enabled technology that allowed you to do POS purchases with your phone was still small in the market. Ironically, the August 2014 ABA Banking Journal had an article about this (starting on p.20). Now that Apple is getting in the game, I expect this to really take off in the market.

Now the question probably on everyone's mind: how is this going to affect us at the bank? What benefits do you see? What problems will this bring up?
_________________________
"Unless someone like you cares a whole awful lot, nothing is going to get better. It's not." ~ Dr. Seuss

Return to Top
eBanking / Technology
#1961510 - 09/12/14 02:29 PM Re: Apple Pay jonus
Milby Offline
Platinum Poster
Joined: Apr 2007
Posts: 953
Tejas
Apple pay only works with a bank's credit/debit card right now so no loss of credit card revenue. I assume they will eventually offer some sort of stored value / link to the iTunes available balance so they can collect the interchange on each individual transaction.

Seems more secure (can't be less secure than someone walking around with their account number embossed on a piece of plastic in their wallet!)

Not worried about the info being stored in the cloud/on device. Most people that would use this technology probably already have this information saved in their Apple Keychain, Safari browser, etc.

Personally I'm pretty excited. Looking forward to giving it a try... in the US, Apple has the ability to get merchants onboard. Android, as much as its supporters think they drive technology, doesn't seem to have the power to affect change in merchant acceptance. NFC on android has been in market for a few years; my guess is this announcement will drive more NFC acceptance within the next 12-18 months. And who doesn't want to buy a BigMac by waiving their phone at the register?

Return to Top

Moderator:  Andy_Z